Description: Section 1400Z–1(b)(1)(A) of the Code allowed the Chief Executive Officer (CEO) of each State to nominate a limited number of population census tracts to be designated as Zones for purposes of §§ 1400Z–1 and 1400Z–2. Revenue Procedure 2018–16, 2018–9 I.R.B. 383, provided guidance to State CEOs on the eligibility criteria and procedure for making these nominations. Section 1400Z–1(b)(1)(B) of the Code provides that after the Secretary receives notice of the nominations, the Secretary may certify the nominations and designate the nominated tracts as Zones. Section 1400Z–2 of the Code allows the temporary deferral of inclusion in gross income for certain realized gains to the extent that corresponding amounts are timely invested in a qualified opportunity fund. Investments in a qualified opportunity fund may also be eligible for additional tax benefits. To learn more about Qualified Opportunity Zones visit: https://www.cdfifund.gov/Pages/Opportunity-Zones.aspx Date of Coverage: 12/2019Data Dictionary: DD Opportunity Zone Eligible Census Tracts
Copyright Text: U.S. Department of Housing and Urban Development